Bitcoin price support may be at $6,000, otherwise miners cannot make a profit?

Two well-known cryptocurrency traders, Brian Stutland and Jim Iuorio, recently said that the $6,000 level is a major support level for Bitcoin, taking into account the cost of Bitcoin mining , which means it could be the bottom of Bitcoin's downward trend.

In an interview, Brian Stuttland and Jim Ivolio pointed out that while it is very expensive for "regular people" to mine Bitcoin, some larger miners would find it difficult to make a profit if the price of Bitcoin fell below the $6,000 mark.

Their comments came 24 hours after bitcoin plunged $1,000 following a gloomy market, with news that Goldman Sachs Group Inc would abandon plans to set up a bitcoin trading platform and a “bitcoin whale” moving more than $100 million worth of bitcoin to cryptocurrency exchanges.

Brian Stuttland says:

"It's still hard to make a profit at $6,000, and I think that price will play a certain role. But do we really need Goldman Sachs? The purpose of cryptocurrency is to get people out of the traditional banking system, out of banks and offline transactions."

In fact, Goldman Sachs’ chief financial officer later came out to deny the rumors, saying that the previous reports were wrong because they were still working hard to build a trading platform aimed at building a market for digital currencies such as Bitcoin in response to customer interest in digital currencies .

Brian Stuttland believes that if there is "some more selling" in the current downward trend of Bitcoin prices, the price will easily bottom out at $6,000. Jim Ivolio, based on the Bitcoin price chart, believes that if the Bitcoin price can reach $6,480, a rebound may occur. He said:

“If Bitcoin can reach $6,480, it could recover from this correction and move up to $6,800. But if Bitcoin trades below $6,300, it could fall back to the low $6,000s.”